Cheapest Home Loans:Buying a house is everyone’s dream. If you are planning to buy your dream house and are looking for a cheap home loan, then this news is useful for you. Before applying for home loan in banks, it is important to know the things related to interest rates. To buy a house, one should check the loan offers of various banks and the interest rates applicable on it. By comparing the loan offers and interest rates of many banks, you can apply as per your need.
Interest on home loans of different banks may be different. In some banks, interest on home loan is charged on the basis of its tenure and amount. These important things should be known while applying for loan. For your convenience, we are going to tell you about the cheap loan offers of some major banks. To buy a house, you can choose any one of the home loan schemes of these banks.
Home loan available at low interest in these banks
State Bank of India (SBI)
CIBIL score i.e. credit score plays an important role in loan issuance. If you have a better score, banks or financial institutions can offer loans at lower interest rates than usual. If we talk about the country’s largest government bank SBI, then these banks charge interest on home loans at the rate of 9.15 percent to 9.65 percent depending on the CIBIL score. The interest rates on loans available with a high CIBIL score are usually lower than normal. When the CIBIL score is more than 750, banks charge the interest rate on home loan at the rate of 9.15 percent and when the CIBIL score is between 550 to 649, the interest rate on the home loan is charged at the rate of 9.65 percent. These rates are applicable from May 1, 2023.
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Bank of Baroda
Salaried and non-salaried customers have to pay 8.40 to 10.60 percent on home loans issued by this bank. Those who have selected fixed rate, if they are salaried customers, then they are charged interest at the rate of 10.15 to 11.5 percent and if they are non-salaried customers, then they are charged 10.25-11.60 percent interest on home loan. She goes.
Kotak Mahindra Bank
The third largest private sector bank offers home loans at an interest rate of 8.70 percent for salaried customers and 8.75 percent for self-employed customers. This is the minimum interest rate. The actual rate may differ depending on the loan amount and tenure.
HDFC bank
HDFC Bank offers special interest rates in the range of 8.75 percent to 9.65 percent. The standard interest rate limit on home loan in the largest private sector bank is between 9.40 percent to 9.95 percent. The lowest interest rates on bank home loans range from 8.75 percent to 9.95 percent.
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ICICI Bank
ICICI Bank is offering home loans in two categories – Special and Standard. Special category loan is issued on the basis of CIBIL score. On this basis, the second largest private sector bank charges interest at a special rate of 9 percent to 9.10 percent per annum on home loans issued. For example, if your credit score is 800, then the interest rate on home loan issued by the bank will be 9 percent and when the score is between 750 to 800, the interest rate will be 9 percent for salaried customers and 9 percent for self-employed. It charges 9.10 percent interest from customers. These rates are applicable till May 31, 2024.
Whereas standard rate home loan is based on amount. In this, private banks charge interest on home loans at the rate of 9.25 percent to 10.05 percent. For example, when the loan amount is less than Rs 35 lakh, the bank charges interest between 9.25 percent to 9.65 percent and when the amount is between Rs 35 lakh to Rs 75 lakh, the interest rate is 9.5 to 9.95 percent. Takes. If the loan amount is more than Rs 75 lakh, interest will have to be paid at the rate of 9.60 percent to 10.05 percent.
(Note: This information is for your information. Before applying for home loan, please contact the official website or branch of the respective banks)
